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Home » How can I get a mortgage if I’m self-employed?

How can I get a mortgage if I’m self-employed?

Ciarán Power
November 3, 2022
mechanic at work

Table Of Contents

Post-pandemic, it has been a positive to witness an increase in those starting their own business and pursuing careers they are passionate about. However, even though the self-employed wage is reportedly significantly more than the average employed person, it sadly means the process of getting a mortgage can be more difficult and frustrating. Fortunately, our independent team of mortgage brokers can ensure that you tick all the boxes before submitting your application.

Naturally banks became far more cautious about lending to anyone they regarded as higher risk and this continues to be the case today. Now that does not mean you need to give up or find the experience daunting,  as long as you are able to prove you have sufficient income, provide evidence of your net profit and have a good clean credit file it is perfectly possible to secure the mortgage you need.

Self-employed mortgage lender requirements

The main documentation and qualifying criteria you will need are as follows:

  • A strong track record of regular work.
  • Ideally 2 years of accounts prepared ideally by a certified or chartered accountant. Lenders look more favorably on accounts prepared by someone qualified.
  • Sufficient funds to put down a deposit which is normally at least 10% of the value of the property you wish to purchase.
  • A strong credit history.

My income has decreased, can I still get a mortgage?

If you have had a few years when income hasn’t been great, don’t worry too much, lenders will take an average of the information you provide which can make up for any lean periods you may have experienced being self employed or working as a freelancer.

If all this sounds daunting, don’t worry, that’s where we come in! Green Mortgages will guide you through the entire process and ensure your paperwork is all in order before submitting your application.

What self- employed people should avoid when applying for a mortgage:

  • Don’t try to minimise your income to pay less tax. What you save in tax could count against you when you apply for a mortgage and income is seen as insufficient.
  • Don’t try to do your accounts yourself. Lenders prefer you to use a certified or chartered accountant.
  • Don’t assume that getting a mortgage is impossible. There are plenty of options out there and using a whole of market mortgage broker will help you find the best products

Improve your chances of getting a self-employed mortgage

At the end of the day, you will be applying for the same mortgages as everyone else regardless of anyone’s employment status. The only real difference is, you’ll have to provide more evidence you have a reliable income and that’s exactly what we are here to help with at Green Mortgages.

We have solid experience in achieving the best mortgage types for the self employed and we take great pride in having your back every step of the way. Contact us today!

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